Chancellor George Osborne told ITV News the economic "recovery is gaining momentum" but admitted there is "more to be done".

Chancellor George Osborne said the recovery is "gaining momentum". Credit: ITV News

In an interview with ITV News' Economics Editor Richard Edgar, Mr Osborne said: "Lots of work remains but I think there's real momentum, of course we are emerging from a really difficult recession which hit some parts of the country very hard...I'm the first to say that there's more to be done.

"The recovery is in the early stages but the numbers we have today show that the recovery is gaining momentum.

"If Britain is growing then the finances of Britain's families will start to grow."

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After three damaging years of flatlining, it's both welcome and long overdue that our economy is growing again.

But for millions of people across the country still seeing prices rising faster than their wages this is no recovery at all.

Working people are on average over £1500 a year worse off since David Cameron came to office, yet very high earners have enjoyed a huge tax cut. And on the cost of living, growth and the deficit, this Government have failed every test they set themselves in 2010.

We now need action to secure a strong, balanced and sustainable recovery that works for the many, not just a few at the top. And simply to catch up all the lost ground since 2010 we would need 1.5 per cent growth in every quarter between now and the election.